Yahoo Finance Live’s Brian Sozzi discusses how meme stocks are trading.
The dynamic duo of meme stocks are at it again today as shares of AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) are moving once more in tandem this morning. The movie theater operator is carrying meme stocks higher with its shares trading up 8.3% at 10:37 a.m. ET on Thursday, while the video game retailer is up a more modest 1.1%. Meme stocks had fallen out of favor for a while, but in recent weeks traders have awoken to their volatile issues once more, especially after AMC announced it was creating a preferred share of stock that would be issued to investors on a one-for-one basis based on the number of shares of common stock they own.
Shares of AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) are both falling in morning trading Wednesday, dropping on no news specific to the meme stocks and running counter to the more ebullient broader market. Both AMC and GameStop are coming off extended runs higher, but now extending losses over two days. AMC enjoyed a rally for six days, while GameStop saw its shares tear higher for nine.